Plateau State Governor, Simon Lalong, has lauded the RT200 FX Programme by the Central Bank of Nigeria’s (CBN), saying that Nigeria stands to gain a lot in terms of expanding its foreign exchange earning capacity through previously underutilised sectors.
The Governor made this declaration at the recently held CBN RT200FX Policy Sensitization seminar hosted by Fidelity Bank Plc in Jos, Plateau State for businesses in the north central zone of the country.
Lalong, represented by the Commissioner for Special Duties and Intergovernmental Affairs, Jerry Werr, said the State has a long history of contributing to Nigeria’s FX earnings, dating back to pre-colonial times, and highlighted the critical role mining played in the development of Nigeria before the discovery of oil.
In his address, the Executive Director, North Business, Fidelity Bank, Hassan Imam, who was represented by the Regional Bank Head, North Central, Sadi Zawiya, said over the years, CBN has continued to envision various intervention schemes to boost local production and productivity.
These aim to increase non-oil exports and improve the FX generating capacity of the economy.
On hosting the seminar in Plateau, he said the “State has been strategically chosen for this workshop because of its enormous contribution to the growth of the non-oil space in particular and agribusiness in general in Nigeria.
“Plateau is well endowed with not only solid minerals, but agricultural commodities and human resources that can propel it to become one of the richest states in Nigeria, and we look forward to when the state will take the lead in value-added exports in Nigeria.”
The RT200 programme requires the right policies, critical export infrastructure, international diplomacy and adequate funding to achieve the desired results within the stipulated period.
RT200 FX Programme
The CBN launched the RT200 FX Programme on February 10, as part of measures to reduce the increasing demand for foreign currency by importers. The scheme aims to raise $200billion in FX earnings in the next three to five years through non-oil exports.
The policy is anchored on the Non-oil Exports Proceeds Repatriation Rebate Scheme, which will incentivize exporters in the non-oil sector to repatriate and sell export proceeds in the FX market to generate sustainable FX inflows and guide the Nigerian economy against FX shortages and shocks.
Also speaking at the event, the North Central Regional Co-ordinator, Nigerian Export Promotion Council (NEPC), Samson Idowu, said the RT200FX programme requires the right policies, critical export infrastructure, international diplomacy and adequate funding to achieve the desired results within the stipulated period.
The successful hosting of the event in Jos brings to three the number of seminars hosted by Fidelity Bank to drive the RT200 FX Programme across Nigeria, having hosted similar sessions in Kano and Akure on February 21, and March 14, respectively.
Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 6.5 million customers serviced across its 250 business offices and digital banking channels.
